British Prime Minister Keir Starmer resigns - He also leaves the leadership of the Labour Party
Keir Starmer has resigned as British Prime Minister and leader of the Labour Party. A new prime minister will take office until parliament returns in September, paving the way for Britain to have its seventh leader in 10 years.
Less than two years after he won a landslide election victory that promised to end the chaos in British politics, Starmer said it was clear his party wanted him out. He said nominations for whoever would replace him would open on July 9. However, his rival, Andy Burnham, is clearly the front-runner.
"The question my party is asking now is whether I am in the best position to lead it into the next general election, I have heard my parliamentary party's answer to that question and I accept that answer with courtesy," he said.
The threat to Starmer increased significantly on Friday when Burnham, the mayor of Greater Manchester, won a landslide victory in the general election to return to Westminster, defeating a candidate from Nigel Farage's Reform UK party, which has led national opinion polls for more than a year.
The victory gave Labour lawmakers hope that Burnham, a career politician known for his communications skills, could transform the fortunes of a party that has lost support under Starmer, whose popularity has fallen to its lowest level for any British leader.
Starmer thanked his colleagues for their support, his voice trembling with emotion. The pound and British government bonds remained steady immediately after Starmer's announcement, which had been widely anticipated by investors.
Apart from saying the country needs fundamental change and to lower the cost of living, Burnham has yet to make his approach to foreign affairs, the economy and defence clear. Like Starmer, he could find he has little room to manoeuvre, surrounded by bond market investors opposed to any additional borrowing and facing an angry electorate that believes the country is not working properly.
Britain already has the highest borrowing costs in the Group of Seven rich countries due to high debt and interest payments, years of weak economic growth, difficulties in cutting spending and the need to invest in areas such as defense.
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